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2014 Table of Contents Carbon Disclosure Project 2014 TABLE OF CONTENTS Introduction 3 MANAGEMENT 6 1 › Governance 7 2 › Strategy 9 3 › Targets and Initiatives 17 4 › Communication 21 RISKS AND OPPORTUNITIES 22 5 › Climate Change Risks 23 6 › Climate Change Opportunities 26 EMISSIONS 29 7 › Emissions Methodology 30 8 › Emissions Data (1 Jan 2013–31 Dec 2013) 32 9 › Scope 1 Emissions Breakdown (1 Jan 2013–31 Dec 2013) 33 10 › Scope 2 Emissions Breakdown (1 Jan 2013–31 Dec 2013) 33 11 › Energy 33 12 › Emissions Performance 34 13 › Emissions Trading 36 Carbon 14 › Scope 3 Emissions 37Disclosure SIGN OFF 41 Project 15 › Sign Off 42 2014 INTRODUCTION CC0.1 Please give a general description and introduction to your organization. Incorporated in 1925, Power Corporation of Canada (hereinafter “Power Corporation” or the “Corporation”) is a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors. Financial Services (over 98% of assets) Power Corporation’s principal asset, Power Financial Corporation, holds substantial interests in the financial services industry through its controlling interest in each of Great-West Lifeco Inc. and IGM Financial Inc. (our major publicly traded subsidiaries). Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. The company has operations in Canada, the United States, Europe and Asia through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Irish Life Group Limited, Great-West Life & Annuity Insurance Company (Great-West Financial) and Putnam Investments, LLC.. IGM Financial is one of Canada’s premier personal financial services companies, and one of the country’s largest managers and distributors of mutual funds and other managed asset products, serving the financial needs of Canadians through multiple distinct businesses including Investors Group Inc., Mackenzie Financial Corporation and Investment Planning Counsel Inc. Together, Power Corporation’s investments in the financial services sector represent over 98% of its consolidated assets. Communications and Other Business Sectors (less than 2% of assets) Power Corporation also holds interests in the communications and other business sectors, which together account for less than 2% of its consolidated assets. With respect to the communications sector, Power Corporation’s principal asset is Square Victoria Communications Group Inc., a wholly owned subsidiary, which owns Gesca ltée (hereinafter “Gesca”) and Square Victoria Digital Properties Inc. Gesca’s subsidiaries are engaged in the publication of seven daily newspapers, including La Presse, the operation of a related website, LaPresse.ca, and a tablet edition, La Presse+. Power Financial and the Frère group of Belgium each hold a 50% interest in Parjointco N.V., which holds their interest in Pargesa Holding SA, a publicly traded Swiss company with indirect interests in certain companies based in Europe held through its publicly traded affiliated company, Groupe Bruxelles Lambert (GBL). Power Corporation’s effective interest in these companies is as follows: Imerys – mineral-based specialties for industry (5.13%); Lafarge SA – cement, aggregates and concrete (1.92%); Total SA – oil, gas and alternative energies (0.33%); GDF Suez – electricity, natural gas, and energy and environmental services (0.22%); Suez Environnement Company – water and waste management services (0.66%); Pernod Ricard – wines and spirits (0.69%); and SGS SA – testing, inspection and certification services (1.37%). TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2014 › P0WER CORPORATION OF CANADA 3 INTRODUCTION CC0.1 Please give a general description and introduction to your organization. (continued) In addition to the above, Power Corporation also holds various other investments, including Victoria Square Ventures, and Power Energy Corporation, as well as positions in private equity and other funds, and minority interests in other investments. Power Energy Corporation was established to invest in businesses operating in the clean energy and energy efficiency sectors, including Potentia Solar Inc., a rooftop solar power producer in Ontario, and Eagle Creek Renewable Energy LLC, a U.S.-based owner and operator of hydropower facilities. In Asia, Power Corporation holds a 4.3% equity interest in CITIC Pacific and is also involved in other selected investment projects in China, including a 10% stake in China Asset Management Co. Ltd., a leading asset manager. Power Corporation has a deeply rooted tradition of acting in a responsible and ethical manner. As a holding company, our limited direct environmental impact is primarily related to the activities of our head office in Montréal which has no production, manufacturing or service operations. Despite our relatively small footprint, we remain committed to continuing to reduce our limited impact, while working with our group companies as a supportive shareholder in connection with the energy and carbon management strategies they establish and implement. As a holding company, our response to the CDP makes reference to the activities of our group companies. Many of these companies have filed their own response to the CDP questionnaire, including our major publicly traded subsidiaries, Great-West Lifeco and IGM Financial. Where applicable, please refer to these companies’ CDP responses for more detailed information. TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2014 › P0WER CORPORATION OF CANADA 4 REPORTING YEAR CC0.2 Please state the start and end date of the year for which you are reporting data. The current reporting year is the latest/most recent 12-month period for which data is reported. Enter the dates of this year first. We request data for more than one reporting period for some emission accounting questions. Please provide data for the three years prior to the current reporting year if you have not provided this information before, or if this is the first time you have answered a CDP information request. (This does not apply if you have been offered and selected the option of answering the shorter questionnaire). If you are going to provide additional years of data, please give the dates of those reporting periods here. Work backwards from the most recent reporting year. Please enter dates in following format: day(DD)/month(MM)/year(YYYY) (i.e. 31/01/2001). Periods that will be disclosed Tue 01 Jan 2013–Tue 31 Dec 2013 COUNTRY LIST CONFIGURATION CC0.3 Please select the countries for which you will be supplying data. This selection will be carried forward to assist you in completing your response. Select country Canada CURRENCY SELECTION CC0.4 Please select the currency in which you would like to submit your response. All financial information contained in the response should be in this currency. Currency CAD ($) TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2014 › P0WER CORPORATION OF CANADA 5 Management Carbon Disclosure Project 2014 1 › GOVERNANCE MANAGEMENT CC1.1 Where is the highest level of direct responsibility for climate change within your organization? Individual/Sub-set of the Board or other committee appointed by the Board CC1.1a Please identify the position of the individual or name of the committee with this responsibility Responsibility for climate change has been assigned at the Board The Corporation’s Co-Chief Executive Officers (Co-CEOs), who level to the Governance and Nominating Committee of the Board are both members of the Board’s Governance and Nominating of Directors. The Committee is responsible for reviewing the Committee, provide strategic oversight on matters relating to Corporation’s progress on Corporate Social Responsibility (CSR), carbon and energy management. The Vice-President, General which includes relevant climate change topics. These reviews are Counsel and Secretary is the appointed CSR Lead, who has direct conducted at least annually. responsibility for overseeing efforts being taken to minimize the energy and carbon impacts at the holding company, as well as monitoring the progress being made by our group companies. The CSR Lead reports to the Co-CEOs on these matters, as well as to the Governance and Nominating Committee of the Board of Directors. TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2014 › P0WER CORPORATION OF CANADA 7 1 › GOVERNANCE MANAGEMENT CC1.2 Do you provide incentives for the management of climate change issues, including the attainment of targets? Yes CC1.2a Please provide further details on the incentives provided for the management of climate change issues Who is entitled to benefit from The type of these incentives? incentives Incentivized performance indicator Chief Financial Recognition Incentives for the management of climate change issues are provided at our subsidiary Great-West Lifeco to the Chief Financial Officer for Canada, Officer (CFO) (non-monetary) the appointed CSR Lead. He has annual objectives that include oversight on the company’s CSR initiative, including activities being undertaken to achieve Great-West Lifeco’s carbon reduction target. Corporate Monetary Monetary incentives are provided by our subsidiary Great-West Lifeco to the leadership property catastrophe team for identifying optimal property executive team reward reinsurance opportunities within defined criteria and considering exposure to property risks, including physical
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